Value Investors. We pursue investments whose
prices or characteristics offer a margin of safety to protect against the risk
of a protracted or permanent impairment of capital.

Long-term Focus. We believe investing is a
long-term endeavor, and patience is integral to a value-based investment
approach. We measure performance over years rather than months or
quarters.

Active Asset Allocation.
We believe that an active asset allocation strategy can be employed to produce superior returns over time compared to a passive buy and hold strategy. We adjust asset class weightings to
reflect our evolving view of the potential opportunity and risk in the
markets. Our process
for making tactical asset allocation decisions encompasses an analysis
of the fundamentals, as well as the technical and psychological
condition of the markets.

Downside Risk Management. We aim to protect capital
first and create attractive long-term returns second. Risk is inherent in
investing. We cannot eliminate risk, but we seek to identify it, understand it,
minimize it, and be adequately compensated for it. We view risk primarily as
the likelihood of suffering a protracted or permanent impairment of
capital.We believe risk tolerance is
subjective to the individual investor, rather than a theoretical model
prescribed by age or wealth.

Portfolio Holdings. We invest across a broad
spectrum of assets. We invest in both actively managed funds and passive
(indexed) funds. All of the funds we use are either open-ended mutual
funds or exchange traded funds. We use both mainstream and unconventional
investments. Examples of non-mainstream investments include flexible
global allocation funds, index options-based strategies, and precious metals. At all times, we seek to mitigate
volatility through non-correlated investments and maintain robust downside risk
management.

Portfolio Expenses. We seek to minimize expenses
wherever possible in order to enhance the net returns for clients. In cases
where we believe an actively managed mutual fund is preferable to an indexed
investment, we typically access institutional share classes with reduced
expense ratios. In cases where we believe a passive investment is preferable,
we use low-cost exchange traded funds, including selected ETFs that are
available through TD Ameritrade on a commission-free basis.

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